To better serve our markets, our team has examined several Chinese media sources and highlighted some of the key points that pertain to our business. These sources include Xinhua, The People’s Daily, Baidu, and more. Because the links are only available in Simplified Chinese, they have been omitted.
Please contact us to obtain a full list of Chinese sources.
What does the foreign trade market China look like now?
Many companies in China will resume work by February 10th, which will not have a significant impact on the global supply chain. In past years, foreign trading companies have commenced work after the 15th of the first month of the Chinese lunar calendar without major delays. Both national and local governments are taking precise measures to help enterprises create a good business environment and reduce their burdens. The World Health Organization believes that China has done an excellent job controlling the epidemic situation.
On January 30, 2020 IMF spokesman Gerry Rice stated that the adverse effects the coronavirus epidemic has had on China’s economy are only temporary. UBS’s latest research report has stated that if the epidemic can be contained successfully, China’s economy will rebound over the next few quarters as a result of renewed demand and government stimulus measures.
Industry dynamics
Major port companies announce that they will reduce or exempt dock storage fees and extend the free demurrage period.
Port companies will reduce their use of dock storage yards and extend the free period to allow customers to use their containers and adjust their imports and exports. These include COSCO SHIPPING, Maersk, Antong Holdings, Shanghai Port Group, Shandong Port Group, Guangzhou Port Co., Ltd., Tianjin Port Group, Fukang Container Terminal, Xiamen Container Group, and Jiangsu Port Group.
Myth #1: Overseas consumers are refusing to accept goods from China and Europe is banning the entry of Chinese goods
As of February 2nd, goods may continue to arrive to US ports normally, and no shipments are required to provide special documents as a result of the coronavirus outbreak. Countries around the world have increased their inspection and quarantine requirements for goods from China, but there have been no restrictions imposed on commercial and postal clearance.
Myth #2: 59 wholesale markets in China’s well-known Guangzhou-Zhongda Textile Business District have postponed reopening.
The new market opening times haven’t been decided, but they are expected to open be by mid-February.
